The government has launched another review of the Consumer Data Right, which will look at the extent to which implementation of the CDR framework supports the policy objectives set when the scheme was established.

The Minister for Superannuation, Financial Services and the Digital Economy, Jane Hume, announced this week that former senior public servant Elizabeth Kelly will lead the review, which will focus on whether CDR is “driving value for consumers, increasing competition within designated sectors and driving innovation across the data services sector”.

CDR was launched in July 2020, with open banking its first iteration. Last year the government announced that telecommunication and open finance would be the next sectors to be covered.

The latest review comes only a few months after the Inquiry into Future Directions for the Consumer Data Right was completed.

In December, the government announced that it would accept the key recommendation of the report, that consumer-directed third-party action initiation be added to the CDR. This will enable payment initiation in open banking. 

Other recommendations the government said it will take from the inquiry include enhancing CDR data sharing and adopting international data standards to support data portability across jurisdictions.

Hume said the focus of the latest review would be on what has worked well so far, any lessons learnt and areas for improvement in the scheme administration.